Market decipher has revised its report on the “Collectibles and NFT Market” Size, Statistics, Growth Trend Analysis, and Forecast Report, 2022 – 2032. The research estimates the collectibles market to cross $1 Trillion by 2032 from $402 billion in 2021, growing at a CAGR of 19.2%.
The global fine arts market recovered strongly in 2021, following the biggest fall in its sales in 10 years in 2020, and the aggregate sales of art and antiques by dealers and auction houses reached $65.1 billion, up by 29% from 2020. The value of sales for art-related NFTs outside the art market expanded over a hundred-fold in 2021 reaching $2.6 billion, with even greater growth in collectibles, to $8.6 billion, and the combined sales of fine art and collectibles NFTs worldwide amounted to roughly USD 11.16 billion.
“While the fine arts market remains predominantly offline, the online art market gained momentum during the last few years as sales boomed on NFT platforms reaching $2.6 billion, outside the global fine art market’s turnover of $65.1 billion. As the auction houses and art dealers strengthened their digital departments, online sales of art and antiques skyrocketed and continued to rise with the boom of crypto art and non-fungible tokens (NFTs). United States, China, and the United Kingdom are the leading countries in the global fine art market, cumulatively holding 80 percent of total sales value.“
Chandradeep Singh
Is Fine Art a Good Investment?
Fine Arts is a long-term investment but a risky endeavour as the art market can be stable or show large returns on investment during boom times but it can easily plummet in value during seasons of recession. Art and artists come in and out of vogue, and purchasing art comes with additional costs, such as storage, insurance, and commissions.
Three Countries and Two Auction Houses Dominate the Global Fine Art Market
In 2021, the United States generated the highest overall value of fine arts transactions, while China retained the highest share of fine art auction revenue worldwide. In terms of auction sales, two auction houses, Sotheby’s and Christie’s dominate the market. In 2021, the total sales of Sotheby’s peaked at USD 7.3 billion and Christie’s also bounced back in 2021 to 7.1 billion, including public auctions and private sales. In terms of revenue, Poly Auction, Heritage Auctions, and Phillips followed as leading auction houses worldwide.
Collectibles Sales Channel?
- Auction Figures: US, China, and UK, remained the largest international auction market hubs, retaining a dominant share of 78%.
- NFTs: The volume of fine arts transactions on external NFT platforms expanded rapidly growing from 0.75 million in 2019 to 5.5 million, with collectibles dominating 85% of the sales in 2021.
- Online Sales: The online market continued to expand, growing at 7% in 2021 to reach an estimated $13.3 billion.
- Art Galleries: In 2021, as the fair calendar resumed, even with a reduced number of fairs and limited capacity in some, fine art sales advanced to 29%.
Key Stats
- Artfi, launched in 2022, aims to redistribute fine art ownership through tokenizing and fractionalizing physical works of blue-chip fine art.
- The leading NFT marketplace launched a new Concierge Program in October 2022, aiming to enhance the overall purchasing experience for digital art collectors through customized solutions available on the platform
- In October 2022, London-based contemporary artist Jacky Tsai and his fashion-forward MetaSkull Collection become the designer’s first foray into the metaverse debuting in Upland, bringing Fashion and Fine Art to the Metaverse.
- Pablo Picasso’s Femme Assise Pres d’Une Fenetre (Marie-Therese) fetched over $100 million, becoming 2021’s biggest auction sale.
- Yayoi Kasama became the first woman in history to become one of the top 10 global artists by turnover.
- BEEPLE was the most expensive living artist in 2021
Source: Market Decipher, Oct 27, 2022
https://www.marketdecipher.com/